Is Importing Electrical Goods Legal or Illegal?

I want to buy this mini rice cooker http://www.ebay.com.au/itm/220V-1-2L-Square-Mini-Electric-Ri...

But I am concerned if by buying am I violating any law or voiding my home insurance (in case something happens with the device)

Edit: I got a normal rice cooker, I want a mini one

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